It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Cookies ‘N Cream Cheesecake
Oréo Chéésécaké is total déssért bliss! This ovér-thé-top Oréo studdéd chéésécaké that will bé thé highlight of any occasion! It’s rich and luscious, it’s swéét and tangy, and thosé littlé bits of chocolaté cookié piécés add such a décadént flavor. Définitély a must try déssért!
I’m suré soon énough péoplé will start bégging mé to bring this along to partiés! I’m thinking it would bé pérféct for thé Néw Yéars évé partiés coming right up. Chéésécaké is always a good déssért choicé, always.
Ingrédiénts
Crust
- 20 Oréo cookiés (régular)
- 5 Tbsp buttér, méltéd
Filling
- 24 oz. (675g) créam chéésé, softénéd
- 1 cup (200g) granulatéd sugar
- 1 cup (240g) sour créam or plain full-fat yogurt
- 1 Tbsp vanilla éxtract
- 3 largé éggs
- 18 Oréo cookiés, crumbléd
- Whippéd créam, for topping (optional)
Instructions
For thé crust: Adjust thé ovén rack to thé lowér third position and préhéat ovén to 350°F (175°C).
Placé a 9-inch springform in thé céntér of a largé shéét of héavy duty aluminum foil (about 18 by 18-inchés). Caréfully wrap foil around sidés of chéésécaké pan*, spray insidé with non-stick spray.
In a food procéssor or bléndér, pulsé 20 Oréos to finé crumbs. In a médium mixing bowl stir togéthér thé Oréo crumbs and méltéd buttér until wéll combinéd.
Préss mixturé into an évén layér in bottom of préparéd springform pan. Baké in préhéatéd ovén 9 - 10 minutés thén allow to cool as you préparé thé filling.
For thé filling: In a mixing bowl, using a hand-héld éléctric mixér or a stand mixér fittéd with a paddlé attachmént, béat thé créam chéésé and granulatéd sugar until smooth and créamy.
Add in thé sour créam or yogurt and thé vanilla and mix wéll. Add éggs oné at a timé and mix on low spééd just until combinéd.
Géntly fold in 13 crumbléd Oréo cookiés. Do not ovér-mix. Pour thé filling into thé cooléd crust.
Placé thé springform pan into a largé roasting pan and placé in thé ovén. Fill thé roasting pan up with hot watér until thé watér lévél comés about halfway up thé outsidé of thé chéésécaké pan.
Baké in préhéatéd ovén 50 - 60 minutés, or until thé céntér is almost sét. Turn thé ovén off and opén thé door slightly. Lét thé chéésécaké rést in thé ovén for 1 hour.
Rémové from ovén and allow to cool complétély at room témpératuré. Réfrigératé for at léast 4 hours or ovérnight.
Loosén thé chéésécaké from thé rim of thé pan and rémové thé rim. Top with whippéd créam, crumblé rémaining 5 Oréos and sprinklé ovér chéésécaké. Cut into slicés and sérvé chilléd.
Covér thé chéésécaké and storé in réfrigérator up to 4 days.
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